Sun Pharmaceutical Industries has announced that one of the fully-owned subsidiaries of Taro Pharmaceutical Industries Ltd is about to to acquire Aquinox Pharmaceuticals (Canada) Inc for $8.2 million.
Taro Pharmaceutical is a US-based subsidiary of Sun Pharmaceutical.
In a regulatory filing, Sun Pharma said: “One of the wholly owned subsidiaries of our subsidiary company, Taro Pharmaceutical Industries Ltd., has agreed to acquire by way of purchase of all outstanding shares of Aquinox Pharmaceuticals (Canada) Inc.
“Aquinox Pharmaceuticals (Canada) Inc., a corporation organized and existing under the laws of the Province of British Columbia that carries on the business of research and development of pharmaceutical products for purposes of their commercialization.”
The subsidiary of Taro Pharmaceutical will acquire 100 percent stake in Aquinox Pharmaceuticals Inc. According to the company, no approvals are required for the acquisition and it is likely to be finalised soon.
Aquinox Pharmaceuticals (Canada) Inc. is a fully independent company and the group companies or promoter of Sun Pharmaceutical Industries Limited do not have interest in the Target, as such, the acquisition would not fall under related party transaction(s), the filing said.
